Revision: March 13, 2013, midnight
HB 676-FN-A-LOCAL – AS INTRODUCED
2013 SESSION
09/01
HOUSE BILL 676-FN-A-LOCAL
AN ACT extending and expanding the Coos county job creation tax credit.
SPONSORS: Rep. Butynski, Ches 1; Rep. Major, Rock 14; Rep. Theberge, Coos 3; Sen. Odell, Dist 8
This bill extends the Coos county job creation tax credit years and expands the eligibility for the tax credit to the 15 percent of municipalities outside Coos county which have the highest unemployment rates in the state over the past 3 years, as determined by the commissioner of resources and economic development, in conjunction with the commissioner of revenue administration and the commissioner of the department of employment security.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
13-0611
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Thirteen
AN ACT extending and expanding the Coos county job creation tax credit.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Business Enterprise Tax; Coos County Job Creation Tax Credit. Amend RSA 77-E:3-c, II to read as follows:
II. The initial job creation tax credit allowed under this paragraph shall not apply to any tax period ending prior to the effective date of this section, or to any tax period ending after December 31, 2013. After being initially granted, the tax credit shall be renewable for 4 consecutive additional years, provided that no additional tax credit shall be granted under this chapter for any tax period after December 31, [2017] 2018.
2 Coos County Job Creation Tax Credit; Definitions. Amend the introductory paragraph of RSA 162-Q:1, I to read as follows:
I. In this chapter “qualified tax credit employee” means a new, full-time, year-round employee hired in Coos county or in any one of the 15 percent of municipalities outside Coos county which have the highest unemployment rates in the state over the past 3 years, as certified by the commissioner of resources and economic development, in conjunction with the commissioner of revenue administration and the commissioner of the department of employment security, for work directly in one or more business activities for which actual wages paid are equal to or greater than 150 percent of the current state minimum wage. “Qualified tax credit employee” does not include an employee who is:
3 Reports. Amend RSA 162-Q:3, II to read as follows:
II. The number and type of jobs created in Coos county or other municipalities certified by the commissioner under RSA 162-Q:1, I.
4 Effective Date. This act shall take effect July 1, 2013.
LBAO
13-0611
01/29/13
HB 676-FN-A-LOCAL – FISCAL NOTE
AN ACT extending and expanding the Coos county job creation tax credit.
FISCAL IMPACT:
The Department of Revenue Administration states this bill, as introduced, will decrease state revenue by an indeterminable amount in FY 2014 and each year thereafter. There is no fiscal impact on county and local revenue, or state, county, and local expenditures.
METHODOLOGY:
The Department of Revenue Administration states this bill extends the Coos County job creation tax credit and expands eligibility for the tax credit to the 15 percent of municipalities outside of Coos County which have the highest unemployment rates in the state over the past three years. The impact of the Coos County job creation tax credit has resulted in state revenue decreasing by $2,900 in FY 2009, $36,000 in FY 2010, and $12,750 in FY 2011. The Department is not able to determine which municipalities would qualify under the proposed bill, which businesses are in those municipalities and possibility of the businesses hiring eligible employees to take advantage of the job creation tax credit to determine any potential decrease in state revenues. The Department states it would be able to absorb any costs associated with this bill in the Department’s operating budget.